The buyback mechanism allows projects to automate token buybacks on the open market. Token holders can track these buybacks on the buyback tab to see exactly what happened. Tokens that are bought back from the open market are locked for a certain period of time, after which they will be released back to the community, project, and more, depending on the specific configuration of the Engage instance of your project.

To get a better understanding of how this works, this is how the buyback mechanism works for the FACTR token: